Start a New Small Business: Benefits, Decisions & Resources
There are many reasons for starting a business. Some do it because they want to have control over their own destiny. Others do it because they are passionate about what they do and want to develop their own brand and culture. Still others are looking to achieve a better work and life balance by working for themselves.
Whatever your reasons for starting your own business, the time has never been better. More than 600,000 new businesses are started each year. Many small and home businesses can be started on a shoe-string budget or allow you to turn a hobby into a business. Some of the most exciting opportunities are featured here.
Why Start Your Own Business?
I am starting my own business to:
Should You Start a Home Business?
With so many opportunities for small and home businesses, the first thing to decide is whether your new business will be based in your home or in a more traditional business office setting. Many businesses can be managed quite well from the home while others require a location for production, multiple employees, and branding. There are some business that can work well in either venue.
If you are considering a home business, it is important that you are able to work unsupervised and are self-motivated. You must be able to tolerate being alone and not having social interaction found in a typical office setting. You must be able to create and stick to a schedule to successfully manage your business. Minimal costs are associated with running a home business, and there are tax benefits for using a portion of your home as your working office. Many home businesses are started on a shoestring budget.
Tips for Starting Your Small Business
Is a Brick and Mortar Business for You?
Think the traditional small business within an office or facility is more your style? You will want to find a suitable location. Depending on the type of business you will need to purchase furnishings,equipment and inventory necessary for your daily operations. This type of business has a considerable overhead, and you must budget for the purchase/lease of your office, utilities, maintenance, and employees. You will want to be sure to have enough capital available to manage your budget during the start up.
Making the choice of between a home business or traditional small business should take all of these things into consideration. You will need to be totally comfortable with your budget as well as your working environment in either situation. Choose wisely.
Starting a Business You Have Experience in Means:
- You know the industry
- You have a network of business partners
- You know your potential client base
- You are familiar with processes and practices
- You recognize potential pitfalls and obstacles
- You have a higher potential for success
How to Decide on the Type of Business to Start
Starting a new business is a challenging endeavor even when you are a seasoned professional. Many new entrepreneurs get excited at the opportunity to strike out in a bold new field in which they have little or no experience. While it can be done, it will indeed be more of a challenge,and the road to profits may be considerably longer.
Imagine that you are a student in college. All of your classes are in your native language, English. One day, you decide to take all of your classes in a different language, Chinese. You have no knowledge of how to speak or read Chinese; but you thought it was a good idea, and you will learn as you go. While it can be done, you will no doubt experience great difficulty adapting to a new alphabet, learning to read and write. Most likely your grades will suffer for a time. You may or may not be able to complete your studies. Ultimately, you find that what had seemed like such a great idea has led you to a great abyss.
While there are many choices in the types of businesses you can start, it is best to start a business about which you have some working knowledge. Starting out this way, you begin a new venture, but not a totally different work life. The basic work of the business is already familiar to you. You have a working knowledge of financial requirements for projects, etc... You already have the experience to make the product or provide the service and are aware of the potential pitfalls. You have the benefit of being acquainted with a network of others in the same or similar fields that you can call on for expertise or clients. The benefit of starting out in a business you are familiar with make the task that much easier - and probably, more successful!
Best Home Business Ideas
Virtual Assistant (VA) - Do you excel in the office? Got a knack for social media, organizing and typing? You may be a perfect Virtual Assistant. VA's provide assistance to business owners and others. Typically, the VA manages tasks that the client has grown too busy to do himself. Some tasks include: opening and responding to email, typing, content writing, managing websites, maintaining online social networks, and so on.
Online Resale - Got a great eye for a bargain? Need to clean out your closets? You may want to consider selling items online via Ebay or another online auction website. Depending on the products you have to sell you may be able to make considerable income just clearing out goods from your home. Additional products to sell can many times be picked up at yard sales or thrift stores.
Website Design - Know how to work with computers? Have you designed websites? Are you good with computer code? A website design business may be just what you're looking for. With the continued growth of the internet, a strong line presence is a must for every business. Website design is just the beginning with this business, and residual income is available with website management on client accounts.
Want to Strike Out on Your Own?
What kind of business are you thinking of starting?
Best Small Business Ideas
Elder Care Services - Do you have experience in healthcare? If so, an elder care service business may be for you. This is an industry that is on the grow in the USA due to the rapid growth of the population that is age 65 and older. Home health care and other elder care services provide an array of services to the sick, injured and homebound and are wonderful alternatives to nursing home placement. If you enjoy caring for others and value our aging generation, a elder care service business could be for you!
Self Improvement - More and more people are working to improve themselves in an amazing variety of ways. If you have experience as a motivational speaker, are a master of networking, or are a health and fitness guru, a self improvement business may be just what you are looking for!
Consignment Store - With unemployment on the rise Americans have fewer dollars to spend. That means the time is right for consignment stores of all types! Consignment stores provide an opportunity for new business owners to share in the costs of inventory with those who are looking to sell items. Whether you choose appliances, childrens clothing or a variety consignment store, this business is sure to boom!
Staffing Agency - With many companies experiencing an economic crunch, the need for flexible and temporary staffing has never been greater. Businesses save money on full time employees and benefits by using the services of staffing agencies. Staffing agencies are able to provide full time, part time, temporary, and temporary to permanent employees as needed by businesses. If you like networking and have business savvy, a staffing agency may be for you!